Medical Billing Statistics 2024 – Everything You Need to Know

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Are you looking to add Medical Billing to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Medical Billing statistics of 2024.

My team and I scanned the entire web and collected all the most useful Medical Billing stats on this page. You don’t need to check any other resource on the web for any Medical Billing statistics. All are here only 🙂

How much of an impact will Medical Billing have on your day-to-day? or the day-to-day of your business? Should you invest in Medical Billing? We will answer all your Medical Billing related questions here.

Please read the page carefully and don’t miss any word. 🙂

On this page, you’ll learn about the following:

Best Medical Billing Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 177 Medical Billing Statistics on this page 🙂

Medical Billing Latest Statistics

  • ** 75% of patients are looking up the cost of medical procedures online. [0]
  • 62% of patients said knowing their outof pocket expenses in advance of service impacts the likelihood of pursuing care. [0]
  • 49% of patients said having clear information on expected outof pocket costs before receiving treatment impacts their decision to use a healthcare provider. [0]
  • A new TransUnion Healthcare analysis revealed that patients experienced an 11% increase in average outof pocket costs during 2017, rising from $1,630 in Q4 2016 to $1,813 in Q4 2017. [0]
  • The analysis also revealed that in 2017, on average, 49% of patient outofpocket costs per healthcare visit were below $500; 39% were $501 $1,000; and 12% were more than $1,000. [0]
  • Total hospital revenue attributable to patient financial responsibility after insurance increased 88 percent between 2012 and 2017 Source. [0]
  • 69% have a budget process that takes more than three months from initial rollout to board presentation (the process takes more than six months for 9% of these organizations). [0]
  • 41% use rolling forecasts to complement or to replace an annual budgeting process (31% have to plans to implement rolling forecasts). [0]
  • The administrative costs associated with billing and insurance related activities as estimated to be up to 25.2% for emergency department visits. [0]
  • Associated With Physician Billing and InsuranceRelated Activities at an Academic Health Care System Patient healthcare costs – including both deductibles and outof pocket maximum payments – have increased by almost 30% percent since 2015. [0]
  • 83% of Physician Practices under five practitioners said the slow payment of high deductible plan patients are their top collection challenge, followed by the difficulties that practice staff have at communicating patient payment accountability (81%). [0]
  • 16% have a deductible under $500 19% have a deductible between $500 and $999. [0]
  • 46% have a deductible between $1,000 and $2,999 6% have a deductible between $3,000 and $3,999 6% have a deductible that is $4,000 or higher. [0]
  • 3% have a deductible under $500. [0]
  • 11% have a deductible between $500 and $999. [0]
  • 29% have a deductible between $1,000 and $2,999. [0]
  • 26% have a deductible between $3,000 and $4,999. [0]
  • 23% have a deductible of $5,000 or higher. [0]
  • 68% of patients failed to fully pay off medical bill balances in 2016, up from 53 percent in 2015, and 49 percent in 2014. [0]
  • This number is expected to climb to 95% by 2020. [0]
  • 67% of Americans are either very worried or somewhat worried about unexpected medical bills (compared to 41% who are very or somewhat worried about paying their rent or mortgage). [0]
  • Consumers are demanding more from healthcare92% of consumers want to know payment responsibility prior to a provider visit74% of consumers are confused by Explanation of Benefits and. [0]
  • medical bills73% of providers report that it takes one month or longer to collect from patients. [0]
  • The Rise of Self Pay Accounts , The Association of Credit and Collection Professionals, Collector Magazine , February 2015 30% of the average healthcare bill now comes from the patient’s pocket. [0]
  • 74 percent of healthcare providers reported an increase in patient financial responsibility in 2015 90% of patients felt it was important to know their payment responsibility upfront. [0]
  • 2015 U.S. health care spending increased 4.6 percent to reach $3.6 trillion, or $11,172 per person in 2018. [0]
  • The growth in 2018 was faster than in 2017 when health care spending increased 4.2 percent. [0]
  • The faster growth in 2018 was associated with faster growth in the net cost of health insurance, which increased 13.2 percent following growth of 4.3 percent in 2017, due primarily to the reinstatement of the health insurance tax in 2018. [0]
  • The overall share of gross domestic product related to health care spending was 17.7 percent in 2018, down from 17.9 percent in 2017. [0]
  • The insured share of the population was 90.6 percent in 2018 and 90.8 percent in 2017, as the number of uninsured increased by 1 million to 30.7 million in 2018. [0]
  • 75% of patients say that understanding their outof pocket costs improves their ability to pay for healthcare. [0]
  • 62% reported being either sometimes or always surprised by outof. [0]
  • Medicaid DSH Payments Cover 51% of Uncompensated Care Costs, RevCycle Intelligence, August 6, 2019. [0]
  • The average single premium increased 4% and the average family premium increased 5% over the past year. [0]
  • Workers’ wages increased 3.4% and inflation increased 2%. [0]
  • U.S. hospitals provided $45.9 billion in uncompensated care in 2012, representing 6.1 percent of annual hospital expenses. [0]
  • In 2018, 30.4 million persons of all ages (9.4%). [0]
  • National Health Interview Survey Early Release Program, CDC PPOs continue to be the most common plan type, enrolling 44% of covered workers in 2019. [0]
  • Thirty percent of covered workers are enrolled in a high deductible plan with a savings option , 19% in an HMO, 7% in a POS plan, and 1% in a conventional plan. [0]
  • 2019 Employer Health Benefits Survey, Kaiser Family Foundation, September 25, 2019 28% of uninsured adults either delayed or did not receive care because of cost Source. [0]
  • Patients’ outof pocket costs averaged $1,109 for an outpatient visit in 2018, up 12% compared with $990 in 2017. [0]
  • 68% of Consumers Did Not Pay Patient Financial Responsibility, RevCycle Intelligence, June 27, 2017. [0]
  • 80 percent of patients say they would prefer to pay for their care online. [0]
  • The percentage of persons under age 65 with private health insurance enrolled in a high deductible health plan increased from 43.7% in 2017 to 45.8% in 2018. [0]
  • National Health Interview Survey Early Release Program, CDC 68% of hospital bills under $500 were not paid in full Source. [0]
  • In 2020, 32% of American workers had medical debt Source. [0]
  • 32% of American workers have medical debt—and over half have defaulted on it. [0]
  • A 2013 study found that 26% of bankruptcies were due to medical debt Source. [0]
  • 11% of people surveyed with medical debt in 2017 were 27 years old Source. [0]
  • An estimated 48 million people were paying off medical debt in 2012, up from 44 million in 2010 and 37 million in 2006. [0]
  • In 2012, 41 percent of adults reported that they had medical debt or trouble paying medical bills. [0]
  • Of those who reported difficulties paying medical bills or paying off medical debt, 42 percent said they received a lower credit rating as result of unpaid medical bills. [0]
  • In 2012, 43 percent of adults, or 80 million people, said they had skipped or delayed getting needed health care or filling prescriptions because of the cost. [0]
  • More than a quarter of adults with a chronic health condition said they had skipped doses or not filled a prescription for their health condition because of the cost. [0]
  • 62% of ablebodied adults enrolled in Medicaid are either working parttime or full. [0]
  • Understanding the Intersection of Medicaid, Work, and COVID 19 Medicaid spending grew 2.9% to $613.5 billion in 2019. [0]
  • Like your typical consumer of goods, over 92% of patients want to know outof. [0]
  • In fact, 74% of patients are confused by their medical bills. [0]
  • According to studies, patients prefer this 62% of patients said knowing their outof pocket expenses in advance of service impacts the likelihood of pursuing […]. [0]
  • According to 2018 data compiled by MedData, 83 percent of physician practices reported that their top collection challenge was slow payment along with […]. [0]
  • In emergency rooms across the country, 18 percent of visits result in at least one surprise bill, but rates vary by state. [1]
  • Some experts across the web say that the number lands somewhere between 30% and 40%. [2]
  • Even then, though, some experts believed that number to be closer to 80%. [2]
  • Private organizations usually review 100% of the claims in order to ensure accuracy. [2]
  • Medicare, however, reviews between 0.5% and 5% at a time. [2]
  • Thus, that means that leaves 95% to 99.5% of Medicare claims paid without review. [2]
  • Turning what Equifax found and putting it in a loose ratio assumes that 13% of the total of every medical bill is erroneous. [2]
  • I’d advertise the cost of my services as a 15% off sale for the entirety of my tenure. [2]
  • Overall employment of medical records and health information specialists is projected to grow 9 percent from 2020 to 2030, about as fast as the average for all occupations. [3]
  • In emergency departments across the country, 18% of visits result in at least 1 surprise bill, but rates vary by state. [4]
  • According to a 2016 Kaiser Family Foundation and New York Times survey, more than 1 in 4 Americans had trouble paying a recent medical bill. [5]
  • Among people who experience a medical bankruptcy, 46.3% are married. [5]
  • Among people who experience a medical bankruptcy, 60.3% attended college. [5]
  • Among families who experience medical bankruptcy, 20.1% are military families. [5]
  • About 19.5% of consumer credit reports include one or more medical collections. [5]
  • 22% of consumers with debts in collection have only medical debts. [5]
  • 54% of consumers with medical debt have no other debts listed on their credit reports. [5]
  • Among adults who say they tried to shop around, 69% called the experience somewhat difficult or very difficult. [5]
  • 21% of adults ages 18 64 have not undergone a medical test or treatment that was recommended by a doctor because of the cost. [5]
  • York Times, 2016) 32% of adults ages 18 64 have postponed getting medical care they need because of the cost. [5]
  • York Times, 2016) 40% of adults ages 1864 have relied on home remedies or overthe counter drugs instead of going to a doctor, because of the cost. [5]
  • York Times, 2016) 34% of adults ages 18 64 say their doctor never explains the costs of procedures to them. [5]
  • Among adults who say they tried to shop around at different providers to find the best price for medical services, 69% called the experience somewhat difficult or very difficult. [5]
  • Among those with medical bill problems, 44% say those problems had a major impact on their family. [5]
  • Among those with medical bill problems, 29% say problems with medical debt started causing problems with paying other, non. [5]
  • York Times, 2016) 62% of those with medical bill problems say they had health insurance when treatment began. [5]
  • Among those with medical bill problems who had insurance, 26% say the reason they had trouble paying is their claim was denied. [5]
  • Among Americans with medical bill problems 53% say they worked out a payment plan with their provider. [5]
  • 37% say they borrowed money from friends or family. [5]
  • 34% say they increased their credit card debt. [5]
  • 70% say they cut back spending on food, clothing, or other basic household items. [5]
  • 41% say they took an extra job or worked more hours. [5]
  • 59% say they used up most or all of their savings. [5]
  • 35% say they have been unable to pay for basic necessities like food, heat, or housing. [5]
  • Among Americans with medical bills in collection 15% say they owe $10,000 or more. [5]
  • 33% say they also have a student loan. [5]
  • 17% say they also owe money to a payday lender. [5]
  • 58% say they have been contacted by a collection agency. [5]
  • 62.1% of those who filed for bankruptcy named medical bills or loss of income due to sickness or caretaking as the reason for their bankruptcy. [5]
  • 14.6% of medical bankruptcies were due to an illness of a child. [5]
  • Among those with medical bill problems, 10% say they had bills as low as $500 or less. [5]
  • Among the reported services that led to problems with medical bills the findings were Doctor Visits65% Diagnostic. [5]
  • 48% of people who experienced medical bankruptcy named hospital bills as their biggest expense. [5]
  • 18.6% of people who experienced medical bankruptcy named prescription drugs as their biggest expense. [5]
  • 15.1% of people who experienced medical bankruptcy named doctor bills as their biggest expense. [5]
  • 4.1% of people who experienced medical bankruptcy named premiums as their biggest expense. [5]
  • Healthcare spending accounts for 17.9% of the U.S. Gross Domestic Product. [5]
  • Spending on private health insurance accounts for 34% of total U.S. healthcare spending. [5]
  • Spending on outof pocket expenses accounts for 10% of total U.S. healthcare spending. [5]
  • Households account for 28% of total healthcare spending. [5]
  • Private businesses account for 19.9% of healthcare spending. [5]
  • Medicare spending accounts for 17.1% of the U.S. federal budget. [5]
  • Medicaid spending accounts for 9.5% of the U.S. federal budget. [5]
  • The average premium increased 4% for individuals and 5% for families in 2019. [5]
  • For context, worker’s wages only increased 3.4% and inflation increased 2%. [5]
  • California Health Care Foundation, 2019 33% of U.S. health spending goes toward hospital care. [5]
  • 20% of U.S. health spending goes toward physician and clinical services. [5]
  • 10% of U.S. health spending goes toward prescription drugs. [5]
  • According to the California Health Care Foundation The federal government pays 28% of total U.S. health expenditures. [5]
  • Individuals and households pay 28% of total U.S. health expenditures. [5]
  • Private businesses pay 20% of total U.S. health expenditures. [5]
  • State and local governments pay 17% of total U.S. health expenditures. [5]
  • Other private organizations, such as nonprofits, pay 7% of total U.S. health expenditures. [5]
  • On average, 37% of a household’s total health spending goes toward outof. [5]
  • On average, 28% of a household’s total health spending goes toward their share of employer. [5]
  • On average, 17% of a household’s total health spending goes toward supporting Medicare via the payroll tax. [5]
  • 45% of the total amount spent on private health insurance is covered by private businesses. [5]
  • 23% of the total amount spent on private health insurance is covered by the government. [5]
  • Account for 2% of the population, and 8% of healthcare spending. [5]
  • Account for 12% of the population, and 26% of the healthcare spending. [5]
  • Account for 26% of the population, and 33% of the healthcare spending. [5]
  • Account for 35% of the population, and 21% of the healthcare spending. [5]
  • Account for 25% of the population, and 12% of the healthcare spending. [5]
  • For example, total health spending per capita is 84.8% higher in the U.S. than it is in Canada. [5]
  • The average price of Humira, a drug used for the treatment of arthritis, is about 96% higher in the United States than in the United Kingdom. [5]
  • U.S. health spending per capita is 141% higher than in the United Kingdom. [5]
  • Other findings from the study include 30.8% of U.S. per capita health spending is on ambulatory care. [5]
  • Health spending is expected to grow at an average rate of 5.5% per year. [5]
  • Health spending is projected to reach 19.4% of GDP by 2027. [5]
  • Health spending for people on medical plans is expected to rise approximately 50% in the next 10 years. [5]
  • The report shows that 77% of providers say that it takes more than a month to collect any payment. [6]
  • Meanwhile, 69% of providers saw an increase in patient responsibility in 2018 compared to 2017. [6]
  • According to the report, 56% of consumers would not be able to pay a medical bill of more than $1,000. [6]
  • For instance, it found that a whopping 93% of consumers were surprised by a medical bill in 2018, and 70% are confused by their medical bills. [6]
  • Consumers are also confused by communications from their insurance companies, with 71% saying they’re confused by their Explanation of Benefits. [6]
  • The report found 72% of consumers want estatements for health plan premium bills, yet 42% of consumers cannot receive e statements from their health plan. [6]
  • 91% of providers still receive paper checks from one or more payers, yet 82% of providers prefer electronic funds transfer from payer 90% of providers leverage paper and manual processes for collections. [6]
  • As a result, industry revenue has increased, rising at an annualized rate of 12.2% to $4.9 billion over the past five years, including an estimated increase of 5.7% in 2021 alone…. [7]
  • attach_money Market Size $5bn business Number of Businesses 1,761 poll Average Industry Profit Margin x.x% Purchase this report or a membership to unlock the average company profit margin for this industry. [7]
  • Managing insurance claims 00.5% increase 0. [7]
  • High deductible health plans are increasingly prevalent, but Americans are struggling to pay their medical bills, according to ClearGage Three statistics to know 1. [8]
  • Fortyone percent of working age Americans are either experiencing medical bill issues or are paying medical debt, up from 34 percent in 2005. [8]
  • In 2016, 68 percent of patients with up to $500 in medical bills didn’t pay off the full balance, a 19 percentage point increase from 2014. [8]
  • More than 60 percent of patient payments are made online. [8]
  • According to the Bureau of Labor and Statistics, the medical billing and coding field is expected to grow by 15% between now and 2024. [9]
  • The top 10% of coders across the United States make $62,840 annually, and coders in some states make even more than that. [9]
  • These may include 100 percent prepay review, extrapolation, referral to a Recovery Auditor, or other action. [10]
  • The National Heath Care Anti Fraud Association estimates conservatively that health care fraud costs the nation about $68 billion annually about 3 percent of the nation’s $2.26 trillion in health care spending. [11]
  • Other estimates range as high as 10 percent of annual health care expenditure, or $230 billion. [11]
  • Even though 63% of those claims were recoverable, it still came with a cost of $118 per claim, or as much as $8.6 billion in appeals. [12]
  • 30% of claims are either denied, lost or ignored. [12]
  • According to an infographic created by Change Healthcare, denials represent 90% of missed revenue opportunities. [12]
  • Out of all the claims submitted, 3.8% of those claims are denied on the first submission. [12]
  • Out of all the denied claims, 65% of them are never reworked. [12]
  • 67% of healthcare providers are using an EHR. [12]
  • Hospitals write off 90% more claim denials costing up to $3.5 million. [12]
  • In 2017, health systems and hospitals wrote off 90% more claim denials as uncollectible compared to six years ago. [12]
  • This electronic transaction was supported by 85 percent of the practice management systems and clearinghouse solutions. [12]
  • However, 37 percent of medical claim payments continue to be paid by paper checks sent through email. [12]
  • 86% of mistakes made in the healthcare industry are administrative. [12]
  • A study from the Harvard Medical Practice found that 70% of errors, resulting in adverse events, were considered to be secondary to negligence, and more than 90% were judged to be preventable. [12]
  • However, 90% of claim denials can be prevented and two thirds of it is recoverable. [12]
  • According to numbers from Bureau of Labor Statistics for Medical Records and Health Information Technicians where all these figures are provided, nationwide there are 182,370 employees working in this field, earning an average annual salary of $36,770. [13]
  • 40,230 (22.1 % of the total workforce) Offices of Physicians 12,980 (7.1 % of the total workforce). [13]
  • Skilled Nursing Centers 7,180 (3.9 % of the total workforce). [13]
  • Outpatient Care Centers 6,240 (3.4 % of the total workforce). [13]
  • While 66.7 percent of all medical billing and coding professionals are employed in three sectors, these do not rank in the top five areas which provide the highest wages. [13]

I know you want to use Medical Billing Software, thus we made this list of best Medical Billing Software. We also wrote about how to learn Medical Billing Software and how to install Medical Billing Software. Recently we wrote how to uninstall Medical Billing Software for newbie users. Don’t forgot to check latest Medical Billing statistics of 2024.

Reference

  1. meddata – https://www.meddata.com/blog/2017/10/26/medical-billing-statistics/.
  2. kff – https://www.kff.org/infographic/visualizing-health-policy-us-statistics-on-surprise-medical-billing/.
  3. etactics – https://etactics.com/blog/medical-billing-error-statistics.
  4. bls – https://www.bls.gov/ooh/healthcare/medical-records-and-health-information-technicians.htm.
  5. jamanetwork – https://jamanetwork.com/journals/jama/fullarticle/2760721.
  6. singlecare – https://www.singlecare.com/blog/medical-debt-statistics/.
  7. healthleadersmedia – https://www.healthleadersmedia.com/finance/77-providers-say-collecting-any-payment-takes-more-month.
  8. ibisworld – https://www.ibisworld.com/united-states/market-research-reports/medical-billing-services-industry/.
  9. beckersasc – https://www.beckersasc.com/asc-coding-billing-and-collections/3-statistics-on-medical-billing-patient-payments.html.
  10. medicalbillingandcoding – https://www.medicalbillingandcoding.org/working-in-mbac/.
  11. cms – https://www.cms.gov/Research-Statistics-Data-and-Systems/Monitoring-Programs/Medicare-FFS-Compliance-Programs/Medical-Review/Targeted-Probe-and-EducateTPE.
  12. bcbsm – https://www.bcbsm.com/health-care-fraud/fraud-statistics.html.
  13. drcatalyst – https://www.drcatalyst.com/medical-claim-denials-appeals-statistics-that-you-want-know.
  14. medicalbillingcodingworld – https://medicalbillingcodingworld.com/2014/01/1-out-of-every-1429-people-in-the-us-workforce-mbc-by-the-numbers/.

How Useful is Medical Billing

One of the key functions of medical billing is to accurately document and submit claims to insurance companies or government payers for reimbursement. In a time when healthcare costs are constantly rising, accurate and timely billing is essential to ensure that providers receive the payments they are owed for the care they provide. Without proper billing, healthcare providers could face financial challenges that could jeopardize their ability to continue providing quality care to patients.

Moreover, medical billing serves as a point of communication between healthcare providers and payers, helping to resolve any billing errors or discrepancies that may arise. By carefully reviewing claims and invoices, medical billers can identify potential issues and work to address them quickly and efficiently. This not only helps providers receive timely payments but also ensures that patients are not burdened with unnecessary bills or denied claims due to administrative errors.

In addition to ensuring accurate reimbursement for healthcare services, medical billing also plays a vital role in maintaining compliance with laws and regulations governing healthcare billing practices. The healthcare industry is heavily regulated, with strict guidelines governing the billing and coding of medical services. Medical billers must stay up-to-date on the latest regulations and guidelines to ensure that claims are submitted accurately and in compliance with all legal requirements.

Medical billing also helps to streamline the revenue cycle for healthcare providers, improving financial efficiency and sustainability. By efficiently processing claims and invoices, medical billers help to ensure a steady flow of revenue for healthcare organizations, allowing them to better plan and budget for future expenses and investments. This is particularly important for smaller healthcare providers who may struggle to navigate the complexities of billing and reimbursement on their own.

In conclusion, while medical billing may not always receive the attention it deserves, its importance in the healthcare industry cannot be understated. From ensuring accurate reimbursement for healthcare services to maintaining compliance with regulations and facilitating communication between providers and payers, medical billing plays a crucial role in the financial health and sustainability of healthcare organizations. Without effective medical billing, healthcare providers would struggle to navigate the complex world of healthcare finance, potentially jeopardizing their ability to provide quality care to patients. As such, we must recognize and appreciate the vital role that medical billing plays in the healthcare industry, supporting efforts to improve efficiency and accuracy in billing practices for the benefit of providers, payers, and patients alike.

In Conclusion

Be it Medical Billing benefits statistics, Medical Billing usage statistics, Medical Billing productivity statistics, Medical Billing adoption statistics, Medical Billing roi statistics, Medical Billing market statistics, statistics on use of Medical Billing, Medical Billing analytics statistics, statistics of companies that use Medical Billing, statistics small businesses using Medical Billing, top Medical Billing systems usa statistics, Medical Billing software market statistics, statistics dissatisfied with Medical Billing, statistics of businesses using Medical Billing, Medical Billing key statistics, Medical Billing systems statistics, nonprofit Medical Billing statistics, Medical Billing failure statistics, top Medical Billing statistics, best Medical Billing statistics, Medical Billing statistics small business, Medical Billing statistics 2024, Medical Billing statistics 2021, Medical Billing statistics 2024 you will find all from this page. 🙂

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